Financial Daily
from THE HINDU group of publications

Wednesday, June 13, 2001








Page One

Bombay Dyeing, Britannia plan to buyback shares
TWO Nusli Wadia group companies have decided to implement a share buyback programme. Britannia Industries Ltd (BIL) and The Bombay Dyeing & Manufacturing Co Ltd today in notices to the stock exchanges said that the boards of the two companies will meet o n Thursday, June 14 to consider a proposal for buyback of the companies' shares.

I am a seller at Rs 100 per share: Arun Bajoria
MR Arun Bajoria, the jute baron, will seriously consider selling his Bombay Dyeing shares in response to the buyback move if the price offered is at least Rs 100 per Rs 10 scrip. Currently, the scrip is quoting at Rs 40-41.

Industrial growth in April plunges to 2.7%
CONTINUING its downward trend, industrial production in the first month of the current fiscal (April 2001) has registered a growth of 2.7 per cent, as against 6.5 per cent in the previous year. This is even lower than the 4.7 per cent growth recorded in April 1999.

BAT keen to hike stake in VST
PROVIDING an interesting twist to the battle for acquisition of VST Industries Ltd, its principal stakeholder and foreign collaborator -- British American Tobacco Plc (BAT) -- has sought the support of VST board for hiking its holding in the company.

US-64 out of favour with banks
SOME banks have removed UTI's Unit Scheme-64 (US-64) from the list of approved securities for providing loan against securities under their respective schemes. US-64, the largest mutual fund scheme and considered as a sovereign security with highest safe ty some time ago, has been included among a host of now lesser-known infotech companies by Citibank. Some have increased the margin cover to protect their portfolio.

Reliance Petro to hike capacity
RELIANCE Petroleum Ltd (RPL) today announced its plans to increase its refining capacity from the existing 27 million tonnes per annum.

Shell may begin talks again for Nocil stake
SHELL Group is expected to start negotiations again with the Mafatlals and financial institutions for picking up 76 per cent stake in National Organic Chemical Industries Ltd (Nocil) shortly.

Stock scam JPC to expand scope
THE Joint Parliamentary Committee (JPC) probing into the stock scam has decided that the events which took place in the capital markets in last few years and which preceded the stock prices crash in March this year will also be under the committee's scru tiny.

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